VC Firm White Star Capital Secures $120M In Funding

White Star Capital (a technology venture capital company) has gathered $120M in funding to be allocated for the DAF II (second Digital Asset Fund) for investment in early-stage Web3 and blockchain-based businesses as well as crypto networks. The respective fund is fundamentally supported on the behalf of Ubisoft (a giant publisher) and will specifically concentrate on DeFi (decentralized finance) along with gaming. It will invest more than $7M in every of up to 20-25 firms across Asia, Europe, and North America.

The increased attention of the company toward blockchain, Web3, and DeFi-based technology indicates that it will start to back firms that additionally develop or use Metaverse solutions. In this way, the platform will enter the space where a clean place has been carved by Animoca Brands for itself. The former investments of White Star from the initial DAF thereof in 2020 take account of ALEX (a DeFi protocol based on Stacks) and Paraswap – a DEX (decentralized exchange) – along with the others.

In addition to this, on 10th March, it assisted the Bitcoin Odyssey (an endeavor for investment companies to invest nearly $165M in solutions developed to enhance the adoption of Bitcoin. The investments in NFT gaming and Metaverse have been surging to a great extent since the beginning of this week because the traders pursue disruptions from the decreasing price actions across the markets of cryptocurrency. BTC (Bitcoin) has been witnessing a downfall of almost 5.62% in the recent 24 hours and it is trading at lower than $40,000.

On 11th April, a declaration was made by Epic Games (the creator of Fortnite) that it had gathered approximately $2 billion out of KIRKBI (a firm holding LEGO Group) and Sony Group Corporation. The investors were fascinated by the latest commitment by Epic to creating virtual games dealing with the Metaverse.

It has recently been reported that Animoca announced to have obtained Eden Games (a publisher of games) in return for up to $15.3M to make advancements to its ecosystem for NFT games, REVV Motorsport, along with developing further Metaverse games.  The previous fund, which was introduced a couple of years back, has invested in 20 firms. Multis, Exclusive, Rally, and Ledn are also included in the firms of the first funding. Dimitri Nitchoun, Sanjay Zimmermann, Florent Jouanneau, Luke Xiao, and Eddie Lee will also support the latest fund DAF II.

Leave a Reply

Your email address will not be published. Required fields are marked *